.Charles Schwab Chief Executive Officer Walt Bettinger is relinquishing his duty by the end of December after 16 years leading the broker agent firm, the provider announced Tuesday.Bettinger will definitely be actually replaced on Jan. 1, 2025, through Charles Schwab President Rick Wurster. Bettinger will continue to be as the co-chair of Schwab's board.Stock Chart IconStock graph iconCharles Schwab, 5 yearsIn a statement, Bettinger mentioned his 65th special day following year as a main reason to tip apart and also applauded the option of Wurster." The Schwab Panel's considerate and regimented technique to sequence preparing assists make this transition smooth. Rick Wurster and also I have interacted each day for much more than eight years. I possess total assurance in his leadership, and also I am thrilled that the Schwab Board of Directors has selected him as my follower," the statement said.In a meeting on CNBC's "Squawk Box," Wurster suggested that there will not be actually any kind of immediate change in technique along with the CEO handoff." I don't think there are going to be actually a switch in the feeling that our company are actually mosting likely to proceed what our team have actually been actually performing, which is provide for our customers and also delight them," Wurster said.Since Bettinger managed in 2008, the company's customer properties have developed to $9.74 mountain from $1.14 mountain, as well as customer stock broker profiles have grown to much more than 43 million from less than 10 million. This development schedules in part to Schwab's accomplishment of TD Ameritrade, which approached 2020. Bettinger stated on "Squawk Box" that the combination of Ameritrade was accomplished earlier this year and also was one more reason that he presumed this was a happy times to step apart from the CEO role.Schwab's inventory has actually climbed roughly 150% during the course of Bettinger's tenure, which began in the middle of the economic dilemma, but it has actually underperformed the broader market over recent 2 years." I usually mention that very few CEOs halve their business's sell cost in the first 90 days, however that was essentially what I strolled into in the financial dilemma," Bettinger stated on "Squawk Package." Allotments of Schwab were actually down around 1% in morning trading Tuesday.